GMO Internet Reports Cryptocurrency Exchange Profit Rose Over 34% in Q3 2018

November 12, 2018
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GMO Internet, the Japanese technology and online finance conglomerate, presented its results for the third quarter of fiscal 2018 on Nov. 12. The presentation included new details about the performance of the Tokyo-listed group’s cryptocurrency-related businesses.

Also Read: The Daily: US Museum to Accept Bitcoin, Estonia Grants License to B2BX Exchange

Record Performance by Quarter

The presentation covers the operations of GMO Internet in cryptocurrency mining, exchange and payments. The company reported total quarterly revenue of 2.61 billion yen ($22.93 million) in the third quarter. It noted that the positive results came “just a year since the launch despite the harsh external environment.”

On the cryptocurrency exchange side of the operation, profit was up 34.4 percent quarter over quarter, from 0.55 billion yen in the second quarter to 0.74 billion yen in the third. It said it posted an increase in profit despite the fact that revenue from the exchange business alone fell slightly from 1.42 billion yen in the second quarter to 1.36 billion yen in the third.

GMO Internet also reported that customer accounts have been growing steadily, reaching 208,000 in the third quarter. However, the trading value has fallen from 220 billion yen to just 89 billion yen ($782.7 million) quarter over quarter.

Aiming For 800PH/s Within 2018

On the cryptocurrency mining side of its business, GMO Internet reported it has increased its human resources during the third quarter of the year. And this helped it increase mining revenue slightly to 1.23 billion yen in the third quarter, from 1.17 billion yen in the preceding three-month period. In contrast, the worsening external environment and increased depreciation costs drove profit down quarter over quarter, from a loss of 0.36 billion yen in the second quarter to a loss of 0.64 billion yen in the third.

The company reported it reached a bitcoin hashing rate of 674 PH/s during the third quarter, for both BCH and BTC. It said it aims to achieve a total of 800 PH/s within the year.

GMO Internet also said that sales of cryptocurrency mining machines have been postponed due to delays in shipments of needed electronic components. In addition, it announced that it is changing the ticker symbol of the yen-pegged stablecoin it launched during the third quarter from GJY to GYEN.

What do you think about the latest GMO Internet quarterly report? Let us know in the comments section below.


Images courtesy of Shutterstock and GMO Internet.


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